Search form

Search form

Increasing use of unconventional technology means U.S. oil production is growing at its fastest pace recorded, according to a report by BP. Net oil imports have fallen by 930,000 barrels a day because of a 1 million-barrel-a-day increase in production, the report said. Last year's U.S. production of oil and natural gas increased the fastest globally, BP said in its annual Statistical Review of World Energy.

Related Summaries

The global oil market is expected to become "more balanced" in 2016 as demand for oil rises by 1.34 million barrels per day, surpassing supplies from nonmembers of the Organization of the Petroleum Exporting Countries, the cartel said Monday in a report. Daily non-OPEC output, most of which will come from oilfields in Texas and North Dakota, could rise by 300,000 barrels, down from 860,000 barrels this year. U.S. production growth is also projected at 330,000 barrels per day, down from 930,000 barrels per day this year, the cartel added.

The Energy Information Administration's latest Short Term Energy Outlook pegs U.S. ethanol output in the past three months at 940,000 barrels per day on average, with the highest weekly tally at 972,000 barrels per day in the week ended June 13. In March, production averaged about 907,000 barrels per day. Domestic ethanol production will average 930,000 barrels per day in 2014 and 935,000 barrels per day next year, the EIA said.

U.S. ethanol production has started to recover from a drought-induced slump last year, thanks to the Renewable Fuel Standard and high demand for Renewable Identification Numbers, according to the June issue of the Energy Information Administration's Short-Term Energy Outlook. Domestic output averaged 870,000 barrels per day in May, compared with 820,000 barrels per day from July 2012 through March, the EIA said. Production is expected to average 870,000 barrels per day this year and 930,000 barrels per day in 2014, the EIA said.

U.S. ethanol production averaged 840,000 barrels per day in April, up from 820,000 barrels per day during the previous nine months but below the 900,000 barrels per day in the first half of 2012, according to the Energy Information Administration. The increased output in April was due to the Renewable Fuel Standard and the high demand for Renewable Identification Numbers, the EIA said. Domestic output is expected to average 860,000 barrels per day this year and 930,000 barrels per day in 2014, the EIA stated.

U.S. ethanol production in the week ended Nov. 25 topped 930,000 barrels per day, up 1.4% from the previous week, according to the Energy Information Administration. Last week's output was the highest since the week that ended Dec. 10, 2010, when production reached 937,000 barrels per day, the agency said. Ethanol supplies fell to 17 million barrels, from 17.5 million barrels in the previous week, the EIA added.